Question-and-Answer Session
Operator
(Operator Instructions) Your first question will come from Analyst for Jonathan Feeney of Wachovia.
Analyst for Jonathan Feeney - Wachovia Securities
Hi, this is actually Analyst for Jonathan Feeney on behalf of Jonathan. Good morning. Just a couple of clarifications, I guess, to start. Did I hear you say correctly that packaged ice volumes was down 2.4% during the second quarter?
Steven J. Janusek
That is correct.
Analyst for Jonathan Feeney - Wachovia Securities
And a little bit more than that for the first six months of the year?
Steven J. Janusek
Right. 4.1% for the first six months.
Analyst for Jonathan Feeney - Wachovia Securities
Was July roughly in line with what you saw during the second quarter?
Steven J. Janusek
Going into the second quarter, June and July, with better weather, we had our volume was up in both those months a small amount. But net for the quarter was down 2.4%.
Analyst for Jonathan Feeney - Wachovia Securities
Got it. And then just to clarify a couple guidance items. The $0.47 to the $0.65 EPS guidance, that includes the $17 million gained from the GSO transaction. Correct?
Steven J. Janusek
Correct.
Analyst for Jonathan Feeney - Wachovia Securities
And the available cash guidance includes that $17 million as well as the non-ice proceeds?
Steven J. Janusek
No, it does not include the $17 million. The $17 million went right into the holding company. So, that cash that’s sitting there has no effect on available cash. As far as the proceeds on the sale of the non-ice operation, it does not directly impact available cash. But since we are utilizing it to offset our CapEx, it’s significantly lower than what it normally would have been. So, our available cash is being increased because our CapEx is, as I said, it’s from a range for this year’s only $0.5 million to $3.0 million in terms of from a credit facility standpoint. On a gross basis, $17 and $19 million.
Analyst for Jonathan Feeney - Wachovia Securities
Great. And then can you also remind me of just on that point, what’s the significance of the available cash within your credit agreements as it relates to taking the dividends? Is that the maximum permissible dividend? How does that work?
Steven J. Janusek
The available cash accumulates into a factor that we call our ?cumulative available cash,? which is the amount of money that we have available to distribute out of our operation company for purposes such as dividend or other purposes. That current balance of cumulative available cash at the end of the second quarter was about $77.5 million.
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